Gadang to buy land for RM56mil cash

PETALING JAYA: Gadang Holdings Bhd’s indirect unit, Gadang Construction Sdn Bhd, has entered into a sale and purchase agreement (SPA) with Nusvista Development Sdn Bhd to buy leasehold commercial land in Damansara Perdana in Petaling Jaya for RM55.7mil cash.

Gadang, in a filing with Bursa Malaysia said it bought the 2.66 acres of land for investment due to its strategic location within Damansara Perdana, and since it is likely to appreciate in value.